BackTravel fintech Scapia raises $23 mn led by Elevation, Binny Bansal's 3State
The funding will fuel the company's efforts to grow its customer base, add more banking partners, and strengthen its product suite
PremiumTravel fintech startup Scapia has raised $23 million in its Series-A funding round led by Elevation Capital and 3State Ventures.
The round also saw participation from its existing investors, Matrix Partners India and Tanglin Venture Partners.
This funding will fuel the company's efforts to grow its customer base, add more banking partners, and strengthen its product suite, Scapia founder Anil Goteti said.
Within five months of launch, Scapia claims to have distributed its card in over 7,500 pin codes. Scapia's app and card users can travel across 50 countries in five continents. The startup offers a co-branded card, in partnership with Federal Bank, that comes with zero joining and annual fees, offering a zero-forex markup and unlimited domestic lounge access to its users on minimum monthly expenditure. It provides a 10% reward on every transaction, called 'Scapia coins'.
The company has also built a travel platform within the app to enable customers to redeem their coins for flight and hotel bookings.
"Global travel has undeniably evolved into a ubiquitous phenomenon, witnessing a substantial increase among Indians in recent times. The customer interest we see in Scapia's co-branded credit cards is a testament to the transformative power of fintech in making travel more accessible and delightful for Indians," said Mridul Arora, partner, Elevation Capital.
"The rise of fintech in India has been nothing short of revolutionary, democratising access to financial services and empowering millions. Among such innovations, Scapia stands out with its differentiated solutions tailored for travel, addressing a vital need for aspiring Indians," Binny Bansal from 3STATE Ventures added.
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